🏠 Buying & Renovating
Buying a Fixer-Upper: Risks and Rewards
A run-down home can be a bargain — or a money pit. Here is how to tell the difference.
Marcus Ibe · Oct 20, 2026 · 7 min read · 5 steps
Homes needing renovation often sell for less, letting buyers add value with work.
But costs can spiral, so careful checks matter.
Cosmetic vs structural
Dated kitchens, tired decor, and worn floors are cosmetic and predictable. Subsidence, roof failure, rot, and rewiring are structural and expensive. Focus on homes with mostly cosmetic issues unless you have experience.
Get specialist surveys
- A full building survey
- Electrical inspection
- Drainage survey
- Structural engineer if cracks are present
- Damp and timber survey from an independent surveyor
Budget realistically
Add a contingency of at least 15–20% to renovation budgets. Factor in living costs while work happens. See our renovation budget overruns guide.
Mortgages
Some lenders will not lend on uninhabitable homes. Specialist or renovation mortgages may be needed.
Prioritise the work
Tackle structure, roof, damp, electrics, and plumbing before cosmetic work. It is tempting to start with the kitchen, but redoing it later after rewiring or damp treatment wastes money. Plan the order of work so trades are not undoing each other — first-fix electrics and plumbing go in before plastering, for example. See our kitchen renovation order of work guide for the general sequence.
This is general home-maintenance information, not professional advice. Building codes, permits, and safe practices vary by location — consult a licensed contractor, electrician, or plumber for work beyond your experience.